Under California Civil Code §1102.2, several types of real property transfers are exempt from the Transfer Disclosure Statement requirement. Which of the following transactions is NOT exempt from the TDS requirement?
Correct Answer
A) A sale of a duplex by a private owner who has lived in one unit for three years
A sale of a duplex (1-4 units) by a private owner is a standard residential real property transaction that requires a TDS under Cal. Civil Code §1102. The seller's occupancy of one unit does not create any exemption from the TDS requirement.
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Previous Question
Under California Civil Code §1102.3, a buyer receives the Transfer Disclosure Statement via personal delivery before the close of escrow. How many days does the buyer have to rescind the purchase agreement?
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Angela, a listing agent in San Diego, notices ceiling stains during her visual inspection of a property. The seller says the stains are from an old spill, not a leak. Under California law, what should Angela do regarding the TDS?